SBM Offshore is positioning itself for potential deepwater developments in Namibia as part of its strategic outlook for 2025 and beyond.
The company sees strong project visibility in the offshore sector, driven by exploration activities in key markets such as Brazil, Guyana, Suriname, and Namibia.
“As you know, deepwater developments come to market following years of significant exploration work. We already have good visibility on projects expected in 2025 and 2026. For instance, Petrobras has key developments in Brazil, Total is advancing projects in Namibia, and Exxon and its partners are outlining their plans in Guyana,” said SBM Chief Executive Oivind Tangen.
According to Tangen, the outlook for deepwater projects remains positive due to their low break-even prices and emission intensity. Over the next three years, SBM Offshore anticipates 16 projects within its core market of large and complex Floating Production Storage and Offloading (FPSO) units, with significant opportunities in Namibia.
To support these developments, SBM Offshore has expanded its infrastructure to meet market demand. “We have ordered our 10th MPF hull, giving us two hulls to support tendering activities. We will remain disciplined in selecting the highest quality projects,” Tangen added.
The company is also making strides in diversification and decarbonisation to enhance its offshore solutions. In 2024, SBM Offshore formed a joint venture, Ekwil, with Technip Energies to strengthen its floating offshore wind capabilities. Additionally, in early 2025, the company finalised a minority equity investment in Ocean Power to offer lower-emission power solutions.
“As the world’s ocean-infrastructure expert, we are using our experience to further diversify and decarbonise the solutions we offer,” Tangen said.
SBM Offshore has also advanced technological developments in the FPSO sector. “We are now able to offer a market-ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs,” he noted.
Looking at future growth, Tangen emphasised SBM Offshore’s strategic positioning. “When we look at opportunities in the 2025–2026 timeframe, we see distinct prospects in these three key markets, where SBM plays a strategic role. Beyond 2027, we remain in close dialogue with international oil companies and continue monitoring emerging opportunities,” he said.
With an eye on the evolving offshore landscape, the company aims to sustain industry momentum by maintaining strong partnerships and aligning with key market commitments. “For future FPSO projects, maintaining strong partnerships and keeping pace with industry commitments will be crucial. There is a strong alignment between the projects already committed to and the specific opportunities we see in 2025 and 2026,” he said.
